该项目包括连续重整、芳烃抽提和高纯度气体分离（PSA）三个单元，与下游装置形成"原料供应—深 加工—高价值产品转化"的闭环产业链，提升产品附加值。项目建设过程中，湖南石化项目规划、设备 工程等部门与承建单位加强协同，明确各项环节完成的时间节点，按照销项制度，强化实施策划和过程 管控，提高项目建设进度和质量。生产管理部组织项目属地单位炼油二部进行操作规程、试运行方案、 人员培训计划等编制实施。 中化新网讯 1月4日，湖南省重点建设项目、湖南石化100万吨/年连续重整联合装置工程项目建成投 产，产出合格高辛烷值汽油组分及附属产品，各项工艺参数、关键运行指标经过72小时监测均达设计标 准，标志着该项目投料开车一次成功。 项目投运过程中，该公司组织开展7次全流程模拟演练，反复推演开工细节，编制和落实投料试车方 案，专项工作组每天实时了解开车进展，关键岗位人员24小时坚守一线，严格执行安全管控要求，确保 开工全过程平稳可控。 该项目采用中国石化自主研发的超低压连续重整成套工艺技术（SLCR）和国产重整催化剂PS-Ⅵ，以直 馏石脑油和罐区来的混合石脑油为原料，生产碳六/碳七馏分、混合二甲苯及高辛烷值汽油组分，并副 产重整 ...

投资咨询业务资格：证监许可【2012】31号 【聚酯周报】 市场情绪回落，聚酯偏强运行 国贸期货 能源化工研究中心 2026-01-05 国贸期货研究院 能源化工研究中心：陈胜 从业资格证号：F3066728 投资咨询证号：Z0017251 本报告非期货交易咨询业务项下服务，其中的观点和信息仅供参考，不构成任何投资建议；期市有风险，投资需谨慎 01 PART ONE 主要观点及策略概述 聚酯：大宗情绪热潮，聚酯预期强势推升价格 | 影响因素 | 驱动 | 主要逻辑 | | --- | --- | --- | | 供给 | 偏多 | PX市场情绪仍受2026年一季度供应趋紧预期支撑，PX-石脑油价差已扩大至360美元，PX-混合二甲苯价差达155美元，显著改善芳烃抽提经济性，PX市场 | | | | 正处于投机情绪与基本面张力交织的关键节点，国内PTA维持高开工，聚酯高负荷支撑需求。 | | 需求 | 偏多 | 聚酯新装置投产推动聚酯负荷维持在高位，PTA消费量维持高位，并且市场囤货意愿增加，基差快速走强。 | | 库存 | 中性 | PTA的港口库存减少3万吨，主流聚酯工厂销售现货。 | | 基差 | 偏多 ...

Report Industry Investment Rating - Not provided Core Views - PX has limited downside space, and it is a short - term volatile market. After PXN rises to $250/ton, factories are advised to hedge appropriately. The supply and demand of PX are slightly tight [1][8][9]. - PTA has limited downside space, with demand expected to improve marginally. It is a volatile market, and short positions should be reduced [1][9]. - MEG has a better demand expectation and may rebound in the short - term. Short positions should be reduced [1][10]. Summary by Related Content Market Data - **Futures Data**: The closing prices of PX, PTA, MEG, PF, and SC futures on the previous trading day were 6332, 4414, 4004, 6070, and 437.7 respectively, with daily changes of 64, 30, 1, 42, and 1.9, and daily change rates of 1.02%, 0.68%, 0.02%, 0.70%, and 0.44% respectively. The month - spreads of PX1 - 5, PTA1 - 5, MEG1 - 5, PF12 - 1, and SC11 - 12 also had corresponding changes [2]. - **Spot Data**: The previous trading day's spot prices of PX CFR China, PTA in East China, MEG, naphtha MOPJ, and Dated Brent were $784.33/ton, 4325 yuan/ton, 4090 yuan/ton, $540/ton, and $61.09/barrel respectively, with corresponding price changes [2]. - **Spot Processing Fee**: The previous trading day's PX - naphtha spread, PTA processing fee, short - fiber processing fee, bottle - chip processing fee, and MOPJ naphtha - Dubai crude oil spread were $246.17/ton, 144.83 yuan/ton, 380.77 yuan/ton, 154.12 yuan/ton, and - $4.34/ton respectively, with corresponding changes [2]. Market Dynamics - **PX**: The naphtha price was stagnant at the end of the session. PX price was also stagnant, with no transactions in the negotiations. The PX price was estimated at $784/ton CFR, up $1 from last Friday. Some market participants believe that the price increase is driven by sentiment or a natural rebound. The operating rate of Chinese PX factories decreased from about 87.5% to about 85% in the week ending October 17. Market participants suggest reducing PX production due to low PTA activity [2][3][5]. - **Toluene and Mixed Xylene**: In the week ending October 17, the prices of toluene and mixed xylene increased slightly. Refinery shutdowns and supply limitations continued to support the market. The overall tightness is expected to last until the end of October [5]. - **PTA**: The PTA futures fluctuated and consolidated, and the spot market negotiation atmosphere was average, with a weak spot basis [7]. - **MEG**: From October 20 to October 26, the arrival quantities at Zhangjiagang, Taicang, and Shanghai ports were about 17,000 tons, 36,000 tons, and 0 tons respectively, and the planned arrival quantity at some main ports was about 53,000 tons [7]. - **Polyester**: The sales of polyester yarn in Jiangsu and Zhejiang increased locally, with an estimated average sales rate of 160 - 170% by 3:30 pm. The sales of direct - spun polyester staple fiber were average, with an average sales rate of 66% by 3:00 pm [8]. Trends and Suggestions - **PX**: It is a short - term volatile market. After PXN rises to $250/ton, factories are advised to hedge appropriately. Pay attention to the impact of Yulong Petrochemical's possible reduction in CDU load on aromatic hydrocarbon production. PX supply and demand are slightly tight, and oil prices have recovered recently [8][9]. - **PTA**: Demand is expected to improve marginally, and it is a volatile market. Short positions should be reduced. Pay attention to the commissioning of Xin凤鸣's new PTA device and the progress of India's new PTA device GAIL. The profit of the polyester sector has recovered, and overall consumption in the industry chain is expected to improve [9]. - **MEG**: Short positions should be reduced. Pay attention to the commissioning and maintenance of relevant devices and the possible planned - out maintenance of coal - based devices due to coal price changes [10].